| The United States of America has developed a dozen of theories, in particular, the managerial discipline theory, on the takeovers and hostile takeovers and conducted lots of empirical analyzes. However, theses theories and empirical evidence often cannot explain the takeovers and hostile takeovers in China, which could be demonstrated by three typical hostile takeover cases in China. High concentrated ownership structure and split securities market in China could be two of the main causes. Furthermore, the comparisons of take-over legislations amongst China, Canada and the United States of America could examine if the current Chinese take-over legislation could govern the issues of takeovers and hostile takeovers and what China could learn from Canada and the United States of America. |
